Repsol Q3 Report 2023
- Repsol posted net income of €2.785 billion in the first nine months of the year in a context of significantly lower crude oil and gas prices than in the year-ago period.
- At the same time, the company advanced in its transformation by developing low-carbon industrial projects, increasing its portfolio of renewable assets and launching a unique multi- energy offer for customers in Spain.
- From September 6 until January 10, 2024, Repsol doubled the discounts on its Planes Energías program, which covers mobility and household supply. Thanks to this initiative, customers who use the Waylet application benefit from savings of up to 40 eurocents per liter of fuel and can recharge electric vehicles for free at public charging stations.
Repsol’s integrated model and the operation guided by the 2021-2025 Strategic Plan enabled the company to perform robustly in an unpredictable context, with commodity prices falling significantly from the anomalous levels they reached in 2022.
In the first nine months of 2023, Brent crude oil traded at an average of $82.1 per barrel, 22% lower than in the same period of the previous year. Meanwhile, the average price of Henry Hub gas fell sharply by 60% to $2.7 per MBtu. In the last quarter of the year, production cuts in some countries pushed prices up again and, together with uncertainty about global economic growth, strained a market that is expected to continue to be characterized in the coming months by the volatility derived from the uncertain geopolitical scenario.
